Dealing with the loss of a loved one or friend can be more of a challenge than anyone would want to bear. However, the difficulty of the loss can be compounded when trying to understand how to handle the assets of the Deceased, such as their house, bank accounts and other property. Few people know and understand the difficult process of handling a Decedent's Estate or Trust but at Cossidente & Salus, Ltd., we strive to not only protect our client's rights and interests in their loved one's Estate but also to educate them regarding the process and the law.

Cossidente & Salus, Ltd. concentrates in not only, non-contested and contested Probate Estates but also Trust administration and Trust contests. The attorneys at Cossidente & Salus, Ltd. regularly appear in Probate Court, representing both Executors and Heirs in simple and complex Estates. They also represent both Trustees and Beneficiaries in the administration of Trusts in varying sizes and in varying levels of complexity. Utilizing both their legal skills and their tax knowledge, they work with their clients to reduce possible Estate taxes and to plan for an efficient administration of the Estate or Trust.

At Cossidente & Salus, Ltd., our staff understands the unique stresses that are placed on individuals handling the assets of a Deceased loved one. We are committed to personal service and availability to our clients. During office hours, we maintain a staff to answer the phone at all times and strongly discourage voicemail. Our offices are conveniently located in the south suburbs, with normal business hours and with the availability of evening and weekend appointments. If you are dealing with the loss of a loved one or need assistance with a Probate Estate or a Trust, call our office today for a free consultation to see how the attorneys of Cossidente & Salus, Ltd. can assist you.

The following guide is intended to give you a primer of what you need to know about the Probate process and Trust administration.

To the extent a person owns anything, or has a right to own an asset at the time of their death, they have an Estate. A Decedent's Estate is most commonly administered by their loved ones or friends. Generally, an Estate is administered through the Probate process. Probate is the administration of a Decedent's Estate by the Court. It involves the appointment of an Executor or an Administrator. The Executor or Administrator is in charge of collecting the Estate assets, liquidating them, paying debts of the Decedent's Estate, and ultimately distributing the assets to the Legatees or Heirs. If a person has a Will, the Will is executed by the Executor through the Probate process. Some individuals utilize Trusts in lieu of Wills to manage their Estates. A Trust acts much like a Will, except that it does not pass through Probate. In a Trust, a Trustee administers the assets of the Trust, liquidating them, paying creditors of the Trust, and distributing the assets to the Beneficiaries.

Upon the death of an individual, friends or loved ones will generally begin an investigation of the Decedent's financial affairs. One of the first steps taken is a search to determine if the Decedent created a Will or Trust. The next step is to find an experienced Probate attorney. Whether the Decedent had a Will or had no Estate Plan, a Petition for Letters of Administration must be prepared by the attorney and filed with the Probate Court. At a Hearing with the Court, the Executor or Administrator will be appointed. Once appointed, the Executor will have access to the Decedent's assets to begin collecting and liquidating them.

Upon the liquidation of the assets, the Executor will pay the Decedent's final debts and administration expenses. Finally the attorney will close the Estate with the Court and the Executor will distribute the Estate to the Legatees or Heirs. Although the Probate Estate must remain open for a minimum of six months, it can take longer based upon the time it takes to collect and liquidate the assets of the Estate or if protests to the Estate are filed in the Probate Court.

If the Decedent had a Trust, the Successor Trustee will perform many of the same duties as an Executor does in Probate, however, it is generally not necessary to open a Probate Estate with the Court. Therefore, the Successor Trustee does not need to wait until being appointed by the Court to begin administering the Trust Estate and there is no six month waiting period that the Trust Estate must remain open before distribution.

Although choosing an attorney is a very personal decision and should be based upon a level of comfort with the attorney, it is also very important to ensure that your attorney has the skills necessary to handle your case. Finding an attorney that concentrates his practice in probate should ensure that he has the necessary skills to handle this often complicated process. Since its inception, Cossidente & Salus, Ltd. has helped countless clients weave their way through complicated and contested Probate and Trust matters. Our experience allows us to help foresee potential problems and work with our clients to avoid them.

Executors and Administrators have what is called a "Fiduciary Duty" to the Estate as well as the Heirs and Legatees. In a Probate Estate, the Executor is required to protect and preserve the Estate assets. This generally means that the Executor must act in a reasonable manner to ensure that the assets of the Estate are secured. It is important that an Executor know and understand their duties, as they can become personally responsible for losses incurred by the Estate. For this reason, it is imperative that the Executor work closely with their attorney to ensure that they adequately perform their fiduciary duties as Executor.

Based upon the assets that are owned by the Decedent upon their death, it may not be necessary to Probate the Estate. Certain assets such as jointly owned accounts, accounts with beneficiary designations, and small estates, may not need to be probated. However, it is important to seek an experienced Probate attorney to ensure that all assets are found, that all claims are resolved, and finally that any and all Income or Estate tax returns are properly filed.